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Even if we pop it back up to $70k--still too close if you ask me. Shit happens. Most people would be better off economizing on the house a little, and locking
by jstewartmobile 7y ago
Even if we pop it back up to $70k--still too close if you ask me. Shit happens. Most people would be better off economizing on the house a little, and locking those savings in, rather than micro-managing nickel-and-dime expenses.
What the lenders will do is neither here nor there--given that most will do just about anything for a short-term buck. We all saw how that movie ends back in 2008. I just happened to see it over and over again.
What is so objectionable about telling people to give themselves a little more wiggle-room?
- rayiner 7y agoA $230,000 house on a $60-70k income is giving yourself more wiggle room. At $60k, you could qualify for something closer to a $300,000 house. That’s what most people do—yet the default rate for prime borrowers stayed below 5% even in 2008 (and is around 1-2% typically).